Selan Explorations Technology Ltd - SELAN EXPL. TECH Share Price

Summary

Incorporated in 1985 as a private limited company, Selan Exploration Technology became a public limited company in Oct.90. The company started bidding for consulting assignments and seismic work in 1986 and entered into an agreement with ONGC for the acquisition of land seismic data for a period of four years, in 1989. The work commenced in Sep.91. The company was promoted by Rajinder Nath Kapur and his associates.The company presently undertakes seismic data acquisition work for ONGC in the Cauvery basin in south India. Commencing the work in 1991, till 1995, the company had covered 1666 ground line kilometres (GLK). The second two-year phase work commenced in Aug.94.The company entered into the business of proven oil fields where presence of hydrocarbon is already established. Ministry of Petroleum and Gas, Government of India, has approved of contracts with the company for the development of oil and gas fields namely, Lohar, Bakrol and Indrora. The company came out with a public issue in Feb.95 to invest in development of the discovered oil fields. It obtained physical possession of the oil fields in Dec.95 and oil production commenced in Jan.96.Selan is having detailed negotiations with the Ministry of Petroleum for award of additional oil fields in onshore Gujarat.During 1998-99, the seismic division of the Company has completed data acquisition of approximately 25 Sq. Kms. area at Indrora oilfield. The companys net profit increase from 8 million to 14 million in the... Read More